Payble, a provider of payments workflow and customer engagement software, announced it has closed a $3.5 million funding round led by OIF Ventures.
The new funding will be used “to continue to capitalize on strong demand for Payble’s citizen-centric payment solution in its beachhead segment of local government payments, as well as explore opportunities for global expansion.”
Payble Founder and Managing Director, Elliott Donazzan, said that “the solution helps local governments increase on-time payments and reduce the administrative burden associated with billing, all while significantly improving community satisfaction.”
For example, ratepayers can “shift from larger annual or quarterly payments to flexible weekly or fortnightly payments at no extra cost, or easily extend or skip a payment without any paperwork.”
Mr Donazzan said:
“We’re all aware of the cost-of-living pressures facing households, and these impacts flow on to our local councils. In fact, 60% of councils expect payment arrears to increase again this year, and 69% of council rates teams say they’re already feeling under resourced in their response.”
As noted in the update:
“With Payble, councils can now offer a flexible, self-service payment experience to their community that’s designed to keep payments on-track. The community benefits because they can easily align payments to their own budget without frustrating paperwork or phone calls. Councils benefit too by improving cashflow and saving time not being bogged down in administrative work – not to mention the glow of delivering something that their community really appreciates. It’s a win-win solution.”
Mr Donazzan added:
“We’re really excited to have OIF Ventures on board. With their deep understanding of enterprise software and prior experience in helping early-stage companies grow within government, it was a perfect fit.”
Oliver Darwin, Investor at OIF Ventures said:
“We have been following Elliott and Payble since the beginning of 2022, and he has proven to be an incredibly impressive Founder and CEO, who has consistently executed on every milestone put in front of him. Elliott has a truly intimate understanding of the problems faced by his customers and has built a world-class team and solution to address them, which is delivering exceptional outcomes for both councils and ratepayers all around the country,”
As noted in the announcement, Payble claims that it has pioneered the “first” citizen-centric revenue optimization platform.
They merge improved revenue outcomes “with customer payment experiences.”
Their platform accomplishes this by “providing user-friendly payment experiences, reducing manual workloads for administration and customer service teams, and generating significant cost savings through smart payment routing.”